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Alvopetro Key Player in Brazil’s Emerging Open Gas Market, CEO Corey Ruttan Says
“Our production accounts for roughly 13 percent of the natural gas production that's produced in the state of Bahia. And I do (really) think we're an important player in advancing this open gas market that I talked about,” said Alvopetro Energy President and CEO Corey Ruttan.
Alvopetro Energy (TSXV:ALV,OTCQX:ALVOF) President and CEO Corey Ruttan has expressed confidence that his company is poised to become a key player in Brazil’s emerging open gas market.
“(Alvopetro) has been operating in Brazil’s state of Bahia before the Brazilian government implemented its new gas market reform program,” Ruttan told the Investing News Network. The company then became the first independent company in Brazil to deliver sales-specified natural gas into the local distribution network.
To date, Alvopetro’s production accounts for roughly 13 percent of the natural gas produced in Bahia, and with investments already made in its gas production infrastructure and pipelines, any new natural gas discoveries moving forward can be quickly converted into production and cashflow, the executive stressed.
“Our goal is basically to take the production level that we had in the third quarter and increase that by about another 50 percent. And that would take us up to the current capacity of our plant, or about 3,000 barrels of oil equivalent per day. And then our medium- to longer-term goal would be to double that again," Ruttan explained.
Alvopetro's natural gas sales increased to 187 percent in October of this year, according to the company. With higher overall sales volumes, revenue rose to $12.9 million, an increase of $0.6 million from Q3 2023 and $2.2 million from Q2 2024.
Watch the full interview with Alvopetro Energy President and CEO Corey Ruttan above.
Disclaimer: This interview is sponsored by Alvopetro Energy (TSXV:ALV,OTCQX:ALVOF). This interview provides information which was sourced by the Investing News Network (INN) and approved by Alvopetro Energy in order to help investors learn more about the company. Alvopetro Energy is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Alvopetro Energy and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
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